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The lender in a lease purchase agreement is also protected by a "non-substitution" clause, which says that if the city walks out on the last two years of the deal, it cannot buy, borrow, rent, or steal the same equipment from any source for any reason for the remainder of the agreement's term.
The COPs are secured by lease rental payments made by the district, subject to annual appropriation pursuant to a lease purchase agreement, related ground lease, and trust indenture.
The certificates of participation are secured by the district's pledge to annually appropriate lease rental payments equal under an annually renewable lease purchase agreement. The leased asset is one of the district's high school campuses, which carries an insured value of roughly $43 million.